PT EXCELCOMINDO PRATAMA Tbk. (XL)

3Q09 Corporate Presentation

Nov 2009

1

Update on Indonesia macro situation

Progress update on strategy execution

Q3 2009 results: strong results from well executed strategy

2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jan-09 Feb-09 M ar-09 Apr-09 M ay-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

F X R ate JSX

Indonesian economy on positive momentum

Unemployment Rate, %

2.82.82.73.7

6.07.3

7.98.69.2

0

5

10

Jul 09 Aug 09 Sep 09

%

Mar 09 Apr 09 May 09 Jun 09Jan 09 Feb 09

YoY Inflation (Consumer Price Index)

Improvement in forecasted target unemployment rate in the midst of positive recovery path

Improvement in forecasted target unemployment rate in the midst of positive recovery path

Inflation is under control, projected to be lower than Central Bank ’09 forecast of 5-7% by year end

Inflation is under control, projected to be lower than Central Bank ’09 forecast of 5-7% by year end

6.56.56.87.07.37.57.88.38.8

12.913.013.213.413.613.813.914.014.2

5

10

15

Aug 09 Sep 09F

BI Rate

Base Lending Rate

%

Jan 09 Feb 09 Apr 09Mar 09 May 09 Jun 09 Jul 09

Continued decline of base lending rate expected to stimulate the economy

Continued decline of base lending rate expected to stimulate the economy

BI and Base Lending Rates Foreign Exchange and Jakarta Stock Exchange Rate

Market maintains optimism and expects further strengthening of the economy

Market maintains optimism and expects further strengthening of the economy

1. Foreign exchange rate against the US DollarSource: Indonesian Central Bank, BPS (National Statistics Bureau), Team analysis

FX Rate1 JSX

8.48.0

10.810.9 10.39.8

0

5

10

15

2007 2008 2009 2010

Actual

Prev. Forecast

New Forecast

3

XL has gone through a successful transformation

“Old XL”Pre - 2007

Transformation2007 - 2009

Sustained advantage2010 - onwards

• Lack of focus

• Unclear market positioning and differentiation

• Clear focus and positioning according to market development stages

– Offer value, build

volume

• Maximize return by monetizing volumes

• Build on growth drivers

– Focus on customer experience

– Prudent investment in data

Strategy & market

positioning

Capabilities

Results

• Limited network capacity and coverage

• Lack of confidence, ambition

• Adequate capacity, coverage

• Relevant competency & ambition while prudently managing cost

• Strengthen organization

• Continuous improvements in business fundamentals

• Increased focus on next strategic moves

• Weak #3 operator

– Revenue share ~11%

– Limited brand

awareness

• Strong, confident, and ambitious contender

– Revenue share ~18%

• Strong business fundamentals

• 50+ awards received

• Continued increase of revenue share

• Focused on driving ROIC

4

XL has effectively built brand preference

in innovating for affordability and beyond

First mover on pricing driving affordable

voice benefits

1. TNS Survey July 20092. Roy Morgan Single Source Indonesia Jun 2009 (National)Source: Company data; July'09 TNS survey results; Roy Morgan Single Source

Driving Blackberry and internet

products

Solidifying image as fun & exciting brand – Fun book, XL Smile portal

While maintaining lead in innovating for affordability

Strong brand share as shown by independent third party survey2

15.615.8

33.0

0

20

40

GSM Main Brand Operator 2

XLGSM Main Brand Operator 1

% Mobile Phone Users

Subscribers rated XL brand favorably on key dimensions1

• Ranked first on “Fun

Companion”, “Passionate”, “Youthful”

• Ranked second in

“Innovative”, “Creative”, “Simple”, “Trans

parent”, “Trustworthy /

Dependable”, “Good Customer Service”

5

Continued growth of high quality subscriber base

1. Promoting VAS, product bundling, and region-specific product strategies

2. Focus on meeting the needs of existing subs

3. Distribution control through clustering the distributors’ territories

4. Monitoring and management of starter packs and reloads to match supply with demand

5. Reduce grace period

4035

29

Q1 09 Q2 09 Q3 09

+14%

ARPU trending positively

1. Revenue Generating BaseSource: Company data

High quality subscriber base is being built...

High quality subscriber base is being built... ...due to specific actions taken...due to specific actions taken

RGB1 growing faster than overall subscriber growth

88% 95%

26.624.7

Sep 09

+8%

Jun 09

RGB1

+16%

Total subs, Mn

Blended, Rp ‘000

6

Strong results driven by a well executed strategy

Revenue1Revenue1

0

5,000

10,000

3,328

2Q09

3,592

3Q09

9,178

9M08

9,847

9M09

+7%

+8%

IDR Bn

EBITDAEBITDA

1. Gross revenue before discount2. EBITDA growth excluding tower expenses is +4%Source: Company data

1,585 1,800

4,293 4,609

0

2,000

4,000

6,000

Excluding tower rental expense

3Q09

4,2404,111

9M08 9M09

+15%

X Axis

Including tower rental expense

IDR Bn

1,672

2Q09

+3%2

1,454

7

Growth resulting from a well executed strategy

Source: Company data

Continued growth of capacity and usage by quality subs

0

10,000

20,000

15,111

Sep 08

18,790

Sep 09

+24%

# of BTS

Total BTS (2G, 3G)Total BTS (2G, 3G)

25.221.5

0

10

20

30

21.8

2Q09

25.2

3Q09 9M08 9M09

+16% +17%Mn Subs

Prepaid RGB subscribersPrepaid RGB subscribers

63.437.9

0

50

100

21.1

2Q09

22.4

3Q09 9M08 9M09

+6%

+67%

bn min

Total Outgoing SMSTotal Outgoing SMS

Total Outgoing MouTotal Outgoing Mou

38.4

12.7

0

20

40

14.3

2Q09

14.5

3Q09 9M08 9M09

+1%

+201%bn sms

8

Stronger financial and balance sheet position

Achieved positive Free Cash Flow

Stronger current ratio

De-leverage balance sheet

Productivity of balance sheet

• Healthy cash flow generation combined with prudent capex spending led to positive Free Cash Flow of Rp 462 Bn by 9M09

• Current asset increased 76% YoY from Rp 1.8 Tn to 3.2 Tn due to higher cash and cash equivalents

• Current ratio strengthened from 0.3 to 0.5

• Paid US$ 75 Mn debt in Oct 09 using internal cash flow• Rp 2.8 Tn rights issue in process, proceed to be fully

used for early debt repayment

• Significantly reduced Assets under Construction and Inventory

9

Guidance

Revenue

EBITDA margin

Cash out capex

FCF

20092009

10% - 12% growth

Stable

USD 550 – 600 mn

Neutral to positive

20102010

Slightly above market revenue growth

Stable

USD 400 – 450 mn

Positive

10

Appendix

11

XL 9M09 Performance

9M099M09 9M089M08 YoY GrowthYoY Growth

Revenue

EBITDA

Profit After Tax

# Total Subscriber *

# Prepaid Subs - RGB

Total BTS

Rp 9,178 bn

Rp 4,111 bn

Rp 891 bn

25.1 mn

21.5 mn

15,111

Rp 9,847 bn

Rp 4,240 bn

Rp 1,202 bn

26.6 mn

25.2 mn

18,790

7%

3%

35%

6%

17%

24%

*- at 25 days grace periodSource: Company data